Business
Americas Gold and Silver Corporation Reports First Quarter 2021 Results and Provides Operational Update
TORONTO / May 17, 2021 / Business Wire / Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North Am
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"TORONTO / May 17, 2021 / Business Wire / Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, reports consolidated financial and operational results for the quarter ended March 31, 2021 along with the progress to reopen the Cosalá Operations, continued exploration success at the Galena Complex and an update for Relief Canyon. This earnings release should be read in conjunction with the Company’s Management’s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’s website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted. Highlights ● Revenue of $10.2 million and a net loss of $91.8 million for Q1-2021 or a loss of ($0.72) per share, which includes an impairment charge of $55.6 million and an inventory write-down of $23.0 million related to Relief Canyon. Adjusted net loss1 was $13.2 million prior to these one-time adjustments or ($0.10) per share. ● Following an extensive review and a challenging ramp-up at Relief Canyon, the operation is proceeding with run-of-mine heap leaching. The Company expects this change will improve overall project economics going forward. ● The Company is confident that a resolution will be reached to reopen the Cosalá Operations with all employees returning to work in the near term with a ramp-up to full production in Q3-2021. Full Mexican government support will ensure the long-term stability of the operation. ● At the Galena Complex, geologists have located and drilled the downdip extension of the prolific Silver Vein. All of the first 8 holes hit high-grade mineralization highlighted by the following: Hole 55-175A: 7,370 g/t silver and 6.3% copper (8,020 g/t silver equivalent [2]) over 2.7 m [3] including: 30,200 g/t silver and 26.1% copper (32,900 g/t silver equivalent) over 0.3 m including: 23,000 g/t silver and 17.0% copper (24,800 g/t silver equivalent) over 0.2 m including: 11,500 g/t silver and 10.0% copper (12,500 g/t silver equivalent) over 0.2 m Hole 55-148: 5,320 g/t silver and 4.1% copper (5,730 g/t silver equivalent) over 0...